The i7-920 would be better at it, especially if you overclock it. If you don't want to overclock it, you should think about getting one of the super expensive CPUs (i7-950+).
HDD: Samsung Spinpoint F3 500 GB ($55) or 1 TB ($90)
Mobo: Gigabyte GA-X58A-UD3R $210
RAM: G.Skill Pi Series 6x2 GB 1600 mhz CAS Latency 7 $360 (12 GB total)